I'm City A.M.'s economics reporter, looking at the news, stories and data that move markets in the UK, Europe and around the globe. I also cover broader developments in the business and political worlds at home and abroad.

Follow Jake

Mortgage lending climbs even higher in March 2016 in a scramble to beat Osborne's tax surcharge (Source: Getty)

Jake Cordell

Mortgage lending ballooned in March as landlords and investors piled into the property market to beat a slew of tax changes which came into effect at the start of April.

A total of £25.7bn was borrowed for home purchases in March, according to figures released by the Council of Mortgage Lenders (CML) this morning - 43 per cent more than the £18bn lent for mortgages in February.

“The distortion caused by this stamp duty change appears to be larger than any previous stamp duty change we’ve seen," said Mohammad Jamei, economist at CML.

“As a result, we expect there will be about 10,000 fewer mortgaged transactions each month in the second quarter of 2016 than would otherwise have been the case, offsetting the increase in activity seen in March,” he added.